Intellectual property Rights as the name suggests “the rights given to a person for his creative work”. Everyone who matters in the scientific sector is talking about IPR and the importance of protecting scientific discoveries with commercial potential. In any discussion in public and private sector the first question asked “Has our IPR been protected? ”
Liberalization & globalization has dramatically altered the perception about science and its practices in India. IPR has become important in the face of changing trade environment which is characterized by the following features namely global competition, high innovation risk, short product cycle, need of rapid change in technology, high investment in R&D, production & marketing and need of highly skilled human resources
Being graduated from the field of Biotechnology I know that lot of R&D work is being going on in the field of biology and the sector of R&D require huge investment. To justify such a huge investment cost in R&D companies want to gain a competitive advantage. From here our works starts, I think that IPR management plays a crucial role
in managing the innovation by providing them legal protection. Only by getting temporary monopoly profit can such companies continues to invest in R&D on long-term basis. Business world is going day by day dynamic and competition is globalized. As a result legal protection strategies are made to ensure freedom of action and block competition Only .6% of the innovative idea is being successful & this success rate is very less (1 in 10000) in the pharma sector. Thus IPR has become a suitable instrument for influencing sustainability & return-on-investment.